What are the most common credit report errors?
What are the most common credit report errors? Inaccurate information on credit reports come in all shapes and sizes. We see everything from accounts that do not belong to consumers because of identity theft or a mixed file to being reported as deceased!
Unfortunately, credit report errors are too common. According to the 2013 Federal Trade Commission Report, 1 in 5 credit reports had a material error in the report. A 2015 FTC Follow Up Report concluded “most consumers who previously reported an unresolved error on one of their three major credit reports believe that at least one piece of disputed information on their report is still inaccurate. According to the Consumer Financial Protection Bureau’s (CFPB) 2022 Report, “Consumers submitted more than 700,000 complaints to the CFPB regarding Equifax, Experian and TransUnion from January 2020 through September 2021, which represented more than 50% of all complaints received by the agency for that period.”
Identity Theft Errors
Here are the most common errors we see caused by identity theft:
- Hard inquiries appear on my credit report that do not belong to me.
- Someone opened credit accounts in my name without my permission.
- Debt collectors are calling or sending me letters for accounts that I did not open.
Mixed or Merged Errors
Mixed credit reports occur when information that relates to Consumer A appears on Consumer B’s credit report. Here are common errors caused by the credit bureaus mixing consumer credit files or information:
- My father’s or son’s accounts, judgments or bankruptcy appears on my credit report because we have the same or similar name.
- My sibling’s accounts, judgments or bankruptcy appears on my credit report because we have a similar name.
- A stranger’s accounts, judgments, bankruptcy or other personal identifying information is on my credit report.
- Criminal history appears on my background report that does not belong to me.
Furnisher Credit Report Errors
Here are the most common errors we see caused by furnishers (creditors or debt collectors) credit reporting false information:
- Accounts that are not past due are on my reported as past due.
- My account is reported as past due and with a balance owed, but the account was included in bankruptcy.
- I did a short sale on my home, but my mortgage company is reporting the account as a foreclosure.
- Obsolete derogatory information
- I was late on an account more than 7 1/2 years ago, but the credit bureau is still reporting the account as past due.
- Public record errors
- I paid a judgment, but the credit agencies are reported the judgment as owing.
Reported as Deceased
Believe it or not, we are often contacted by consumers who complain they are being reported as deceased by a credit bureau. As a result, the consumer is unable to get credit and often creditors close their accounts because of the false information reported by the credit bureaus.
Do you have credit report errors?
Have you ordered your free reports and discovered errors on your credit reports? Have you disputed the false information on your credit report to Equifax, Experian or Trans Union, and the disputed information was verified as accurate? The Adkins Firm represents consumer who have errors on credit and background reports to clear their good name. Contact us to schedule a free case review. Remember, its your credit report!